TCS approves up to $2.4 billion share buyback

MUMBAI (Reuters) - Tata Consultancy Services Ltd , India's top software services exporter, said on Monday it would buy back up to 160 billion rupees ($2.39 billion) worth shares.

The company said in a stock exchange filing that its board approved the buyback of up to 56.1 million shares, or 2.85 percent of its share capital, at 2,850 rupees apiece.

TCS shares rose as much as 6.1 percent on the news.

($1 = 66.9600 Indian rupees)

(Reporting by Sankalp Phartiyal; Editing by Biju Dwarakanath)